EUR/USD Forecast January 21, 2016, Technical Analysis

The EUR/USD pair initially fell during the course of the day on Wednesday, but found enough buying pressure underneath to turn things back around and form a bit of a hammer. The hammer of course is a bullish sign and as a result it’s likely that the buyers may step into this market. However, keep in mind that the ECB has an interest rate decision coming out today, and more importantly a press conference. Because of this, we could get quite a bit of volatility, and with that it’s more than likely going to keep us on the sidelines until we get a daily close.